Gasoline refining margins in northwest Europe dropped sharply on Thursday as exports to the United States slowed. ARA gasoline stocks were little changed in the week to Thursday at 890,000 tonne, according to data from Dutch consultancy PJK International. Exports to the US East Coast significantly slowed in recent days. Most volumes shipped on the route were committed earlier this year or were internal company trading, traders said.
US gasoline stocks rose by 2.1 million barrels last week, compared with analysts' expectations in a Reuters poll for a 457,000-barrel drop. Exports of reformate, a gasoline blending component, from Europe to China have risen in recent weeks and are expected to reach 350,00-400,000 tonnes in June, according to traders. US biomass-based diesel (D4) RINs for the current year had risen by as much as 4 cents in morning trading to $1.10 ahead of an expected announcement from the US Environmental Protection Agency on 2018 renewable fuel volumes, traders said. The prompt US gasoline futures spread briefly flipped into contango on Thursday, pressured by an unseasonable rise in stockpiles and weak cash prices, traders said.
No barges of Eurobob gasoline traded in the afternoon trading window. Outside the window, 15,000 tonnes of eurobob barges traded at $487.50 a barrel fob Amsterdam-Rotterdam, compared with $488-$507 a tonne on Wednesday. Rolympus, Total and Vitol sold to BP. Glencore sold to Total five premium unleaded gasoline barges at $487 a tonne fob ARA, down from $490 a tonne fob ARA.
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